As the coronavirus pandemic took root in this country, Atlanta-headquartered Angel Oak Mortgage Solutions found its non-QM lending business on shaky ground. On March 19, the company stated that it would continue lending, but with adjusted rates and guidelines. On March 22, however, another announcement was issued.
“The pandemic has continued to cause turmoil in the worldwide economy,” Angel Oak said in its note to clients. “Due to the constant shifts and the inability to appropriately evaluate credit risk, we are pausing all loan activity for two weeks. This includes fundings and any new loan activity.”
While the pandemic has yet to abate and the national economy is still some distance from its pre-crisis state, Angel Oak is back in the non-QM business, with a full-speed-ahead game plan.